Despite its strong fundamentals, XRP price fails to meet investor expectations adding to the continued disappointment of the investors. On June 11, Bitcoin’s price dropped below $66,000, triggering a red day for almost all crypto assets.
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XRP Price Fails
Following Bitcoin’s gradual decline since June 6, XRP and other cryptocurrencies have experienced a series of red days. After its initial drop from the February-March rally peak, XRP entered a consolidation zone that formed a symmetrical triangle.
Such patterns have a 50-50 chance of breaking either way and are heavily influenced by market sentiment and fundamentals. During this period, XRP saw a 5.3% decline but has since recovered some of its losses. According to CoinGecko data, XRP’s price was around $0.4811 on June 12, showing an 8.3% decline over the past week during European trading hours.
https://coinmarketcap.com/currencies/xrp
XRP’s Relative Strength Index
XRP’s Relative Strength Index (RSI) dropped to 32, approaching oversold levels. If the RSI falls below 30, it could signal a price reversal for XRP. The bearish sentiment following Bitcoin’s decline caused the chart pattern to break downward, bringing XRP’s price to $0.47.
https://www.cryptowaves.app/relative-strength-index/XRP
Should bearish momentum persist, the price could fall to $0.36, though there is significant support around $0.42. Conversely, in a bullish scenario, XRP could face resistance around $0.55, and if overcome, the price could rise to $0.75.
Bitcoin’s price, having dropped on June 11, is currently around $67,000, still within its consolidation zone. Positive news from the June 12 FOMC meeting could potentially shift the crypto market towards an upward trend.
Legislative Impact on Crypto
A recently accepted bill by the Senate committee could significantly alter the cryptocurrency landscape, affecting assets like Bitcoin and XRP. The bill mandates crypto-based companies to conduct Know Your Customer (KYC) checks on their users or face sanctions.
This provision aims to expedite the imposition of sanctions on crypto companies, including exchanges linked to users supporting illegal activities. Given that hackers often use Bitcoin and other cryptocurrencies for ransom, this bill could have profound long-term implications for the crypto industry.
Conclusion
To conclude, while XRP price fails to match the expectations of the investors, potential market shifts and legislative changes could influence its future trajectory. Investors should stay informed about both technical indicators and regulatory developments to navigate the evolving landscape.
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